LyondellBasell to Exercise Bond Option; Repay Loan

ROTTERDAM, Netherlands, Nov. 17, 2010 /PRNewswire/ -- LyondellBasell (NYSE: LYB) Chief Financial Officer Kent Potter, speaking today at the Bank of America Merrill Lynch Credit Conference in New York, announced that the company has given notice to redeem $225 million of 8 percent senior secured dollar notes and 37.5 million euro of 8 percent senior secured euro notes maturing in 2017, pursuant to the terms of the indenture.  Each action represents repayment of 10 percent of the outstanding bonds.

Additionally, Potter said that the company intends to pay down its $500 million senior term loan facility.  He said that repayment on both the bonds and the term loan is expected to occur before year end 2010.

LyondellBasell (NYSE: LYB) is one of the world's largest plastics, chemical and refining companies.  The company manufactures products at 59 sites in 18 countries.  LyondellBasell products and technologies are used to make items that improve the quality of life for people around the world including packaging, electronics, automotive components, home furnishings, construction materials and biofuels.  More information about LyondellBasell can be found at www.lyondellbasell.com.

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SOURCE LyondellBasell Industries